Export Guarantee and Insurance Corporation (EGAP) has founded a daughter company Commercial Credit Innsurance EGAP that will take over the commercial part of EGAP’s business activities. EGAP itself will continue in providing insurance with state guarantees and it should gradually widen its operations. According to head of board of directors EGAP plans to offer reinsurrance of the daughter company activities.
Founding of a daughter company presents the first step in privatization of the state’s share in a newly created joint-stock company. Sale to the strategic partner is limited by legislative restrictions according to which EGAP must be a majority owner in a new company.
